Frankfurt-based fintech Finanzguru has raised €13m ($14.2m) in funding headed by new investors SCOR Ventures and PayPal Ventures.

Deutsche Bank, coparion, VR Ventures, Hannover Digital Investments, Venture Stars, and former Postbank CEO Frank Strauss are among the existing investors. This round takes Finanzguru’s total funding to €27m since its inception in 2018.

Finanzguru plans to use the funds to drive profitable expansion in Germany and to extend its product platform. In addition, the company’s present workforce of 70 people will be greatly expanded.

The organisation tripled its revenues in 2022 and currently generates annualised revenues of more than €10m. Nevertheless, excluding its growth marketing efforts, the company achieved operational break-even.

Alexander Michel, co-founder, and co-CEO of Finanzguru, said; “We have broken new ground with our financial advice products, which are based on a digital analysis of each customer’s payment transactions and unique financial situation. Our already strong growth shows that our products are resonating with customers, and we are now focused on expanding our insurance and pension business.”

Benjamin Michel, co-founder, and co-CEO of Finanzguru, added: “By adding personal financial advice as an offering in the Finanzguru app, we are meeting a real need in the German consumer market. This has allowed us to greatly expand our business over the past 18 months. We are pleased to be able to continue to drive growth with the support of two new high-profile investors”.

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First launched in 2018 as a pure multibanking app, Finanzguru has since grown into an independent platform that allows consumers to manage all of their banking accounts and contracts.

Since mid-2021, the company has also provided its customers with independent advice on insurance and financial goods based on a computerised analysis of their banking data, which can be accessible through phone or video chat in a cutting-edge setting.

Will Thorne, head of SCOR Ventures, stated: “SCOR Ventures invests in innovative companies solving risk for individuals, businesses, and our planet. We believe Finanzguru has a unique opportunity to support financial resiliency and community wellbeing by offering products that close the care and protection gap for all users.”

Alexandros Bottenbruch, Principal at PayPal Ventures, commented, “Finanzguru has pioneered a data-driven, open banking solution that democratises access to financial well-being by removing complexity from personal financial management. We’re excited to support Finanzguru on the next stage of their journey as they work to ensure that everyone, regardless of background or economic standing, can take control of their financial lives.”

With more than 1.5 million registered users, Finanzguru is the fastest-growing financial company in Germany in terms of downloads.

More than 100,000 app users have previously purchased financial and insurance goods through Finanzguru’s brokerage services.

Customers who have previously linked their bank accounts to the app can receive individualised, in-depth financial advice based on an analysis of their bank data, and they can acquire insurance products with no further administrative work.